Bitcoin Price Prediction as BTC Shoots Past $65,000 Resistance – Bulls Back in Control?

cryptonews.com:

Bitcoin (BTC) held steady above the $66,000 mark, reaching an intra-day high of $66,500. The Bitcoin price prediction now indicates strong bullish momentum, driven by increasing institutional interest. BlackRock’s iShares Bitcoin Trust (IBIT) has attracted significant investment, while CME Group’s planned entry into Bitcoin spot trading is expected to boost market liquidity and demand.

BlackRock’s iShares Bitcoin Trust (IBIT) has seen impressive performance since its inception. The trust has attracted significant attention, with 414 individual or institutional investors reported in the first few months. This level of interest is notable, as it’s uncommon for a new investment to have even 20 owners initially.

Since its launch in January, IBIT has grown from zero to managing $16.65 billion in assets, making it the most popular Bitcoin investment for regular investors. Major firms such as Millennium Management, Schonfeld Strategic Advisors, and Aristeia Capital have invested in IBIT.

https://x.com/EricBalchunas/status/1791079436953022885

The rapid growth of IBIT to $16.65 billion in assets under management indicates strong institutional interest, which is positively impacting Bitcoin’s price.

CME Group, a major Chicago-based futures exchange, plans to enter Bitcoin spot trading due to growing demand, as reported by the Financial Times. The exact launch date is still uncertain, as the plan is being finalized. CME has a significant history in the crypto market, having introduced Bitcoin futures in December 2017 and micro-Bitcoin futures in May 2021 for smaller contracts.

Currently, CME leads in Bitcoin futures open interest with $9 billion and launched Bitcoin options in early 2020. However, it trails Deribit in options